# US 2019/0318429 A1 · Method and apparatus for exchange-based condition processing

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- Number: US 2019/0318429 A1
- Document ID: US20190318429A1
- Status: Published application
- Kind: A1
- Application number: 16/454,285
- Filed: 2019-06-27
- Published: 2019-10-17
- Earliest claimed: 2009-03-06
- Assignees: BGC Partners, Inc.
- Applicants: Bgc Partners, Inc.
- Inventors: Howard W. Lutnick; Bijoy Paul; Michael Sweeting
- Web page: https://patentgrep.com/patent/US20190318429A1

## CPC

- G06Q 40/045: {Accepting or processing orders in an exchange}
- G06Q 40/00: Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q 40/04: Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
- G06Q 40/0451: {Prioritising, queuing or matching trade orders in an exchange}
- G06Q 40/06: Asset management; Financial planning or analysis
- G06Q 40/064: {including visualisation for planning or analysis}
- G06Q: INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR

## Abstract

Various embodiments of exchanges are described. Methods and other embodiments are also described.

## Claims

### Claim 1

(canceled)

### Claim 2

An electronic exchange system comprising:
a first physical processing element of an electronic processor configured to control:
adding each order of a plurality orders defining a respective side of a trade for a financial instrument and from a remote computing device external to the electronic exchange system, to a respective one of a queue of buy orders and a queue of sell orders for the financial instrument, and
determining that at least a first order in the queue of buy orders and a second order in the queue of sell orders match;
a second physical processing element of the electronic processor configured to control:
receiving an indication of an occurrence of an event,
determining that placement of an order is conditioned on the occurrence, in which the order defines a side of a trade for the financial instrument, and
in response to determining that the placement of the order is conditioned on the occurrence, transmitting an indication to add the order to a respective one of the queue of buy orders and the queue of sell orders to the first physical processing element through a physical data bus,
in which the physical data bus is configured to allow communication of the indication to add the order from the second physical processing element to the first physical processing element using at least one of direct memory access and direct register access to transport information in a physical local memory location of the second physical processing element directly into a physical local memory location of the first physical processing element where instructions to be executed by the first physical processing element are stored;
in which the indication to add the order is added to an ordered stack of instructions in a memory to be executed by the first physical processing element; and
wherein the indication to add the order is designated in a location in the stack with a higher priority than at least one second instruction that was pending in the stack before the indication to add the order is received by the first physical processing element through the physical data bus such that an instruction to add the order to the respective one of the queue is performed before the at least one second instruction.

### Claim 3 (depends on 2)

The electronic exchange system of claim 2, in which the at least one second instruction includes an instruction to add a third order to the respective one of the queue.

### Claim 4 (depends on 3)

The electronic exchange system of claim 3, in which the at least one second instruction includes an instruction to add the third order to respective one of the queue of buy orders and the queue of sell orders before any other instructions in the stack are performed.

### Claim 5 (depends on 3)

The electronic exchange system of claim 3, in which the at least one second instruction includes an instruction to process an indication to add another order to at least one of the queue for sell orders and the queue for buy orders, in which the indication to add the another order was not received by the first physical processing element from the physical data bus.

### Claim 6 (depends on 2)

The electronic exchange system of claim 2, in which the second physical processing element is configured to control receiving the indication of the occurrence from a remote information source.

### Claim 7 (depends on 2)

The electronic exchange system of claim 2, in which the second physical processing element is configured to control receiving the indication of the occurrence from at least one of the first physical processing element and an outside information source; and wherein the occurrence comprises at least one of an event on the exchange system or an event off the exchange system.

### Claim 8 (depends on 2)

The electronic exchange system of claim 2, in which the physical data bus includes at least one of:
a data bus between the second physical processing element and a plurality of first physical processing elements; or
a dedicated data bus between the second physical processing element and a single first physical processing element.

### Claim 9 (depends on 2)

The electronic exchange system of claim 2, in which the physical data bus is configured to allow communication only from the second physical processing element to the first physical processing element.

### Claim 10 (depends on 2)

The electronic exchange system of claim 2, in which the order is conditioned on occurrence of multiple events, and in which the second physical processing element is configured to control setting a flag in a data structure to indicate that respective ones of the multiple events have occurred.

### Claim 11 (depends on 2)

The electronic exchange system of claim 2, in which the order is time stamped with a time stamp based on receipt by the system, and in which the order is added to the respective one of the queue at a priority based on the time stamp.

### Claim 12 (depends on 2)

The electronic exchange system of claim 2, further comprising receiving, by the first physical processing element and in response to the occurrence of the event, an indication that the order should be executed.

### Claim 13 (depends on 3)

The electronic exchange system of claim 3, in which the first physical processing element is configured such that an instruction to process the order is added to the stack of instructions in a position that is processed before at least one other pending instruction that has been received by the first physical processing element through a second data bus based on the other pending instruction not being received through the physical data bus.

### Claim 14 (depends on 13)

The electronic exchange system of claim 13, in which the first physical processing element is configured such that the instruction to process the order received by the first physical processing element through the physical data bus is added to the stack of instructions before given instructions to process other orders which have been received by the first physical processing element prior to the order and that have respective prices that are at a higher priority than that of a price of the order.

### Claim 15 (depends on 2)

The electronic exchange system of claim 2, wherein the event includes a change in a value of a second financial instrument.

### Claim 16 (depends on 2)

The electronic exchange system of claim 2, wherein the event includes a change in a trading volume of a second financial instrument.

### Claim 17 (depends on 2)

The electronic exchange system of claim 2, wherein the event includes a change to regulations that regulate an industry.

### Claim 18 (depends on 2)

The electronic exchange system of claim 2, wherein the event includes a change in credit rating of a company.

### Claim 19 (depends on 2)

The electronic exchange system of claim 2, in which the second physical processing element is configured to control receiving the indication of the occurrence from the first physical processing element; wherein the indication of the occurrence is comprised of matching of an order from the buy queue and the sell queue by the first physical processing element; and in which the first physical processing element is configured to control transmitting the indication that the matching order has been matched to the second physical processing element.

### Claim 20 (depends on 2)

The electronic exchange system of claim 2,
wherein the physical data bus is a dedicated data bus between the second physical processing element and a single first physical processing element;
wherein the order is conditioned on occurrence of multiple events, and the second physical processing element is configured to setting a flag in a data structure to indicate that respective ones of the multiple events have occurred; in which the order is time stamped with a time stamp based on receipt by the system, and in which the order is added to the respective one of the queue at a priority based on the time stamp;
in which the system is a financial exchange and in which the financial exchange is an electronic exchange;
in which the first physical processing element is configured such that the indication to add the order is received by the first physical processing element through the physical data bus;
in which the indication to add the order is added to an ordered stack of instructions to be executed by the first physical processing element;
in which the at least one second instruction includes an instruction to add a third order to the respective one of the queue;
in which an instruction to process the order is added to the stack of instructions such that the instruction to process the order is processed before at least one other pending instruction which has been received by the first physical processing element through a second physical data bus based on the other pending instruction not being received through the physical data bus;
in which the instruction to process the order received by the first physical processing element through the physical data bus is added to the stack of instructions before given instructions to process other orders which have been received by the first physical processing element prior to the order and that have respective prices that are at a higher priority than that of a price of the order;
wherein the second physical processing element is configured to control receiving the indication of the occurrence from the first physical processing element; wherein the indication of the occurrence includes a matching of an order from the buy queue and the sell queue by the first physical processing element; and in which the first physical processing element is configured to control transmitting the indication that the matching order has been matched to the second physical processing element; and
in which receiving the indication of the occurrence is received from at least one of the first physical processing element or an outside information source; wherein the occurrence comprises at least one of an event on the exchange system or an event off the exchange system.